TAM Files 2008 Form 20-F Annual Report in IFRS

SAO PAULO -

- For the first time, TAM’s annual report contains financial statements prepared in accordance with IFRS

TAM (NYSE: TAM, Bovespa: TAMM4), in accordance with its reporting obligations, filed its annual report on Form 20-F (the 2008 Annual Report) with the U.S. Securities and Exchange Commission (the SEC) today. The 2008 Annual Report can be accessed on TAM’s website (www.tam.com.br), and the SEC’s website (www.sec.gov).

(Logo: www.newscom.com/cgi-bin/prnh/20080221/SPTH002LOGO )

For the first time, and as permitted by the SEC’s rules, TAM’s 2008 Annual Report contains financial statements prepared in accordance with international financial reporting standards (IFRS) as issued by the International Accounting Standards Board. In prior years, TAM’s annual report on Form 20-F contained financial statements prepared in accordance with Brazilian Generally Accepted Accounting Practices (Brazilian GAAP), with a reconciliation to United States Generally Accepted Accounting Practice (US GAAP). TAM is presenting its financial statements in IFRS now ahead of the compulsory requirement in Brazil that registered companies present IFRS financial statements in their CVM filings for the financial statements for the year ended December 31, 2010. TAM believes the adoption of IFRS will increase comparability with its peers internationally, facilitating the valuation and investment decision by TAM’s investors.

In accordance with SEC rules, TAM’s IFRS financial statements have a footnote (note 4.2) that contains a reconciliation of certain line items between IFRS and Brazilian GAAP. In order to further help investors in TAM’s transition to IFRS, TAM is also including an annex to the press release on its website that contains both a summary of key accounting differences as they relate to TAM and a description of a change in TAM’s accounting treatment for certain expenses.

In addition, shareholders may receive a hard copy of TAM’s complete audited financial statements free of charge by requesting a copy through TAM’s Investor Relations Department at +55-11-5582-9715 or email: invest@tam.com.br.

Source: TAM

Libano Miranda Barroso, TAM Investor Relations, +55-11-5582-9715, or fax, +55-11-5582-8149, invest at tam.com.br; Photo: https://www.newscom.com/cgi-bin/prnh/20080221/SPTH002LOGO